Is It Profitable To Mine Bytecoin Using MinerGate?

Hey guys and girls, Welcome back to the 7th episode in the Bitcoin Mining series where I try and find a way to make a passive income through cryptocurrency mining In the last episode, I did a time lapse of mining Bytecoin on a standard computer using MinerGate

Let's analyse these results and find out how well we did, and if we could turn mining Bytecoin into a passive income Before we dive into the results I want to remind you that I mined Bytecoin prior to the time-lapse So we need to take away 4416146468 from the end result 24928579477

Which equals 20512433009 This is the reason you might notice a difference between what MinerGate says I have in my wallet and what we actually mined As I'm sure you know, a hash rate is how many attempts your computer makes to solve the complex blockchain math problems per second After looking over the video clips, we that we've got about a 95 hash rate with the computers CPU on average

Again, looking over the video clips, there's about a 226 hash rate with the computers GPU on average This creates about a 321 average hash rate overall The average share difficulty for Bytecoin while I was mining is 2377 We made a total of 00267008879 USD over an hour and 35 minutes

Wow! Chinese slave factory here we come! That's a great question! Possibly, but probably not on a standard computer Possibly because Bytecoin may rise in value over years to come which would allow me to ride the increase of the market to make a profit However at $002 cents USD per hour and a half, that won't even be close to my electricity cost to make the $002

To make this a passive income you would require a hash rate of at least 80250 to earn $5 per hour and a half equalling $80 per day of revenue This would be almost worth the investment, but you need to include your electricity costs and setup costs which would be too large for a small operation and deplete your revenue to less than $0 depending on the electricity costs of where you live Too bad So no, on an average computer this will not be a valid passive income however if you're able to lower your electricity costs and increase your hash rate you could make this profitable Hey guys, thanks for watching

Please like, comment and subscribe I would love to know how well you did mining Bytecoin, so DM me or leave your results in the comments below Make sure you check out the description box for the Medium blog, the SoundCloud podcast and everything else In the next episode we'll do a time-lapse of how well we did mining Dashcoin Cheers

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